The wildfires may affect some municipal bond issuers in the devastated areas, but the impact to other California bonds or to the broader muni market is likely limited.
Some soft data metrics have started to rebound sharply and catch back up to relatively resilient hard data, but it's too soon to say whether the gap is definitively closing.
Investors and markets are anxious to see when and how the new Congress will implement the massive Republican policy agenda. But the details matter, and the answers will take time.
Find Market Commentary content
Beyond Market Cap: Fundamental Indexing Explained (with Rob Arnott)
Preferred Securities: Balancing Yield with Risk
Are Preferred Securities Still Attractive?
Markets React to a New Administration
Are California Fires a Risk to the Muni Market?
Hard to Handle: A Look at Hard vs. Soft Data
Climate Shocks & the Muni Bond Market
Edgy Investors Waiting to See How Policies Unfold
Does the Resilient Economy Equal a Higher Potential Growth Rate?